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South Korea To Begin Return To Normal Life From Next Month

KRW

Spot USD/KRW slipped in early trade and currently operates -1.65 fig. at KRW1,175.40, with bears setting their sights on the nearby 50-DMA at KRW1,173.63. A break of this moving average would shift focus to Sep 16 low of KRW1,165.75. On the flip side, a rebound above Oct 18 high of KRW1,188.40 would bring Oct 12 high of KRW1,200.35 into view.

  • USD/KRW 1-month NDF last seen at KRW1,176.08, ~2 figs lower on the day. Bears see Oct 20 low of KRW1,173.04 as their initial target, followed by Sep 23 low of KRW1,171.00. Bulls look to a rally above Oct 18 high of KRW1,189.22, before taking aim at Oct 12 high of KRW1,201.63.
  • Pres Moon delivers a budget speech to lawmakers as we type. The President noted that South Korea will begin gradual return to normalcy from next month.
  • The main highlight in South Korea's data docket this week is the preliminary Q3 GDP report, due tomorrow. Elsewhere, consumer confidence comes out Wednesday, with industrial output & BoK Business Survey coming up Friday.
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